Year: 2007

Sun TV Network announced that the company, through its subsidiary South Asia FM (SAFL) has entered into a strategic alliance with Red FM to expand its FM radio broadcasting business in the north, west and east Indian markets.

As part of the transaction, SAFL has taken up a 48.9% beneficial interest in Red FM by acquiring equity of the holding companies of Red FM at par. The promoters of Red FM would continue to hold 51.1% in Red FM.

SAFL owns 23 FM radio licenses all over India (except the southern states of Tamilnadu, Karnataka, Andhra Pradesh and Kerala). It currently has two operational radio stations at Jaipur and Bhubaneshwar. Red FM, one of the fastest growing FM Radio Companies in India, operates 3 radio stations in Mumbai, Delhi and Kolkata. It is the number 2 player in two of the largest FM radio markets in India viz. Mumbai and Delhi. This alliance enables Sun TV to boost its presence in the fast-growing Radio market in India, Sun TV said in a statement.

Bharat Heavy Electricals (Bhel) has won an large order for supply and installation of the steam generator and steam turbine packages at the upcoming Vallur Thermal Power Project at Ennore in Tamil Nadu. The orders for the greenfield power project have been placed by NTPC-Tamil Nadu Energy Company (NTEC).

Bhel’s scope of work involves design, engineering manufacture, supply, and erection and commissioning of steam generators, turbine generators, electrostatic precipitators and associated auxiliaries.

IVRCL Infrastructures & Projects announced that the company has been awarded irrigation works of an aggregate value of Rs 320.21 crore in Ajmer and Jodhpur districts, by the public health and engineering department, government of Rajasthan.

Mumbai-based construction firm Gammon India is reportedly entering the hospitality sector by forming an alliance with the US-based Wyndham Hotel Group International, Inc., to develop affordable or budget hotels. The Wyndham Group, which runs more than 6,500 hotels under 10 brands in six continents, is one of the largest hospitality companies in the world.

Gammon India is a Large Scale Infrastructure development company. Net profit of Gammon India rose 87.57% to Rs 28.53 crore on a 30.97% rise in sales to Rs 540.31 crore in Q1 June 2007 over Q1 June 2006.

Bangalore’s Realty Developer, Puravankara Projects had a weak debut on stock exchange listing at Rs 360, way below the revised offer price of Rs 400. Imagine what would have happened if the stocks were alloted at Rs 525. We thank our IPO Analyst for pro-actively writing against the company’s abnormal valuation and thus helping investors.

The IPO had ended on 8 August 2007 with 1.91 times subscription. The qualified institutional buyers (QIBs) category was subscribed 2.7 times, the non institutional investors category – made up of corporates and high networth investors – was subscribed 0.98 times. The retail individual investors category was subscribed 0.63 times.

The company had revised the price band of the IPO to Rs 400-Rs 450 per share, compared to the previously set price band of Rs 500 – Rs 525 a share, amid volatile secondary market conditions prevailing at that time.